#PAYPAL VS VENMO HOW TO#

You can directly link your PayPal account to your bank account, you can use credit or debit cards, or you can use money stored in PayPal itself⁴. PayPal is a little bit more versatile here. Credit cards won’t work, and nor will business debit cards, international cards, or prepaid cards from outside Zelle’s network³. With Zelle, you can either connect directly to your bank account (so long as your bank participates) or you can use a debit card tied to a US bank account. On the other hand, so many people already have a PayPal account anyway, that PayPal certainly scores highly for convenience as well. If you have a bank account with Bank of America, Capital One, Chase, Citi, or Wells Fargo – to take just a few of the bigger ones² – Zelle can connect directly to your account, and you should be able to use the bank’s app, rather than Zelle’s, to make the payment. But with Zelle, you might not have to – if your bank is one of the many that Zelle works with, you can actually just use their standard banking app¹. But after that step, some differences emerge straight away.įor easy P2P payments via PayPal, you should get the PayPal app. How do Zelle and PayPal work?įirst of all you’ll need to register for an account with Zelle or PayPal. These are the key points of difference – so let’s look at them one by one. None – but your bank/credit union may charge oneģ% credit card transaction fee 1% fee for fast transfer

Name, email, mobile number, or PayPal.Me link Zelle app, or your bank’s app if they participate Let’s begin with an overview of the key points of difference between PayPal and Zelle, before we drill down into what those differences really mean. Zelle recommends its customers to use the app only for finantial transactions with people that they know, hence it might not be the best soilution for commercial transactions. E.g.: a banks’ clients sends the money with their online banking, but through Zelle’s own service.

It focus on partnerships with financial institutions from the US, integrating their instant payment service within other institutions' apps. Zelle was initially founded in 2011 as clearXchange, having changed its name to the current one in 2017. You can PayPal either from your laptop or from your phone. With around than 325 million active customers in 2021, it’s used for personal payments, but also very popular amongst online shoppers, merchants and platforms like eBay, for its commercial transactions. PayPal is the most popular P2P company worldwide, with services like PayPal me, which makes peer-to-peer payments easier. In 2002 it was acquired by eBay until 2015, and also in 2015 it acquired Xoom, a company to send money online. PayPal was established in 1998, being the first P2P service. Here’s a quick intro on all of them: PayPal

Typically, an app will connect to your bank account or credit/debit card, and within the app you can select a phone contact to pay, without having to exchange bank details.īut they all operate in slightly different ways – as you’ll soon see. These are payments that you make to a friend, family member or even a merchant, simply by using your phone or laptop. Zelle and PayPal offer ways you can make peer-to-peer (P2P) payments and they’re some of the biggest names in the field. Meet Wise and start saving Zelle vs PayPal: peer-to-peer payments You’ll also meet Wise and how it compares to PayPal as a way to pay and send money online and internationally. That’s why in this article you’ll find out how the two of them compare.

Though PayPal is a major player when it comes to online payments in general, it competes with Zelle in the specific area of peer-to-peer payment, where both are popular options.

#PAYPAL VS VENMO HOW TO#

Zelle or PayPal is a question you may have found yourself asking if you’ve been working out how to pay a friend.

Travelling to Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Croatia Cyprus Czech Republic Denmark Egypt Estonia Finland France Georgia Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Kenya Latvia Liechtenstein Lithuania Luxembourg Malaysia Malta Mexico Monaco Morocco Nepal Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Romania Russia San Marino Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Thailand Turkey Ukraine Vietnam The UAE The UK The US.

Life in Australia Austria Belgium Brazil Canada China Croatia Cyprus Czech Republic Denmark Finland France Germany Greece Hong Kong India Indonesia Ireland Israel Italy Japan Luxembourg Malaysia Malta Mexico Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Russia Singapore South Africa South Korea Spain Sweden Switzerland Thailand Vietnam The UAE The UK The US.

Paypal vs venmo